Johnson & Johnson
JNJ, +0.99%
said Alex Gorsky has been promoted to chief executive of the New Brunswick, N.J.-based Dow component, effective April 26, coinciding with the company’s annual meeting. The 51-year-old Gorsky will succeed Bill Weldon, who has been J&J’s CEO since 2002; Weldon will retain the post of chairman. Gorsky, as vice chairman of the company’s executive committee, has overseen the medical devices and diagnostics business, among other responsibilities. Shari McCoy, responsible for pharmaceutical and consumer products, will assume the role of vice chairman of the executive committee under Gorsky, J&J said.

Also late Tuesday, Prestige Brands
PBH, +1.48%
said its board would review and “respond in due course” to an unsolicited acquisition offer by Mexico’s Genomma Lab Internacional SAB de CV, at a cash price of $16.60 a share for the company’s common stock. However, the Irvington, N.Y.-based marketer and distributor of over-the-counter and household cleaning products characterized the bid as “highly conditional, requiring, among other things, due diligence, significant financing and Genomma Lab shareholder approval.”

Timken
TKR, +0.67%
said it will proceed with plans to invest $225 million to expand capacity for the production of specialty alloy steel bars at its Faircrest plant in Stark County, Ohio. The move comes after a United Steelworkers local­­ ratified an extended labor agreement that Timken said would ensure workforce stability through the expansion project’s construction and then its startup, scheduled for 2014.

Along with reporting fourth-quarter and full-year financial results, Herbalife Ltd.
HLF, +0.92%
revised higher its profit forecast for 2012 to a range of $3.40 to $3.60 a share, with sales growth pegged at 9% to 11%. The Los Angeles-based company had a 2011 net profit of $3.30 a share and an adjusted profit of $3.31 a share on sales of $3.45 billion. For the first quarter, the company said it sees turning a profit of 76 cents to 80 cents a share on year-over-year sales growth of 10% to 12%. Also, Herbalife’s board approved a dividend of 30 cents a share, payable March 22 to stockholders of record as of March 7. This is a 50% increase over quarterly dividends paid in 2011.

Along with reporting quarterly and 2011 results, Texas Roadhouse Inc.
TXRH, +1.99%
said its board approved a stock-buyback program for up to $100 million. Repurchases of common stock will be made through open-market transactions, the Louisville-based company said. The board also canceled a previous buyback program, whose remaining authorization as of Dec. 27 stood at $40.9 million. In addition, Texas Roadhouse said the board approved a 12.5% hike in the quarterly dividend, to 9 cents a share. It’s payable March 30 to holders of record as of March 14. On the earnings front, Texas Roadhouse said it expects to generate 2012 profit growth of about 5%.

The board of HollyFrontier Corp.
HFC, -0.55%
approved a special cash dividend of 50 cents a share, payable March 13 to holders of record as of March 5. The board also declared a regular dividend of 10 cents a share on common stock, payable April 3 to all holders of record as of March 16. It marks the company’s third regular and special dividend since the merger of Holly Corp. and Frontier Oil last July. The dividends represent about $375 million or $1.79 a share, Dallas-based HollyFrontier said. “We we will continue to evaluate additional distributions with our board of directors on a quarterly basis,” said Mike Jennings, president and chief executive, in a statement.

Packaging Corp. of America
PKG, +0.06%
said its cash dividend on common stock will be increased by 25%, to an annual payout of $1 a share. The first quarterly dividend of 25 cents a share will be paid April 13 to holders of record as of March 15, the Lake Forest, Ill.-based company said.

Towers Watson & Co.
TW., +2.70%
said its board cleared the repurchase of up to $150 million in Class A common stock. Shares may be bought back from time to time via open-market or private transactions, the New York-based consulting firm said.

Tuesday earnings recap

Dell
DELL
reported a profit of $764 million, or 43 cents a share, for the fourth quarter ended Feb. 3, down from $927 million, or 48 cents, earned in the final three months of fiscal 2011. Quarterly revenue reached $16.03 billion from the prior year’s $15.69 billion. On an adjusted basis, earnings would have been 51 cents a share for the latest quarter. Analysts, on average, had been look for Dell to generate a profit of 52 cents a share on revenue of $15.97 billion, according to a FactSet Research poll. Read more on Dell’s results and outlook.

Brocade Communications Systems Inc.
BRCD
reported a net profit of $59 million, or 12 cents a share, for the first quarter ended Jan. 28, up from $27 million, or 5 cents, earned in the same period a year earlier. On an adjusted basis, the San Jose, Calif.-based company would have earned 20 cents a share for the latest quarter, as revenue increased nearly 3% to $560.6 million. The FactSet-derived consensus had been for earnings of 13 cents a share on revenue of $542.5 million.

Intuit Inc.
INTU, +0.32%
posted a profit of $118 million, or 39 cents a share, for the second quarter ended Jan. 31, up from $73 million, or 23 cents, earned in the comparable period during fiscal 2011. On an adjusted basis, the Mountain View, Calif.-based tax-preparation software company would have earned $156 million, or 51 cents a share. Quarterly revenue reached $1.02 billion from the prior year’s $878 million. The consensus of analysts surveyed by FactSet had been for Intuit to show a profit of 45 cents a share on revenue of $1 billion. Looking to the third quarter, management pegged projected earnings on an adjusted basis in a range of $2.47 to $2.51 a share, bracketing analysts’ consensus, and said revenue would be $1.95 billion to $1.99 billion; the consensus forecast stands at $1.98 billion.

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